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Payday Loan Cost Calculator

Enter the loan amount, fee and term in days to get the total repayment and effective APR.

How to use

  1. Enter your values in the fields above.
  2. Press Calculate to see your result instantly.
  3. Use the Share button to copy a link to your result.

About this calculator

This calculator translates a payday loan's flat fee into the effective annual percentage rate (APR) that actually reveals its cost: APR = (fee ÷ amount borrowed) × (365 ÷ term in days) × 100. Because payday loans run for only a couple of weeks, a fee that looks modest in dollars annualizes into a triple-digit — sometimes quadruple-digit — interest rate.

Consumer advocates and regulators use exactly this APR conversion to compare payday loans against credit cards, personal loans and overdraft fees on equal terms, since the short term otherwise hides how expensive the borrowing really is.

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